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CUSTOMS_TARIFFS_TAXES_AND_DUTIES.doc
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Vocabulary Notes on the Text

1 legal action — судебное разбирательство.

2 unquestionable reputation — безупречная репутация.

3 at a current rate of exchange — по текущему курсу обмена валюты.

4 to accept — акцептировать (принимать).

5 legally binding — имеющий обязательную силу.

6 "dishonoured" — не оплаченный в установленный срок, букв.

«обесчещенный»

7 to protest the bill — опротестовать вексель.

8 to prosecute — преследовать в судебном порядке.

Exercises on the Text

1. Read and translate the text.

2. Translate the following words and learn their pronunciation:

acceptor; creditor; debtor; discredit; failure; reputation; transfer­ence; transaction; binding; fundamental; urgent; isolated; unquestion­able; subject to; equally; quarterly; debt; acknowledge; legally

3. Give English equivalents of the following:

а) акцептор; дебитор; кредитор; банковский счет; банков­ский перевод; переводной вексель; аккредитив; текущий курс об­мена валюты; день оплаты; авансом; по открытому счету; поквар-(тально; юридически обязательный; неоплаченный в установлен­ный срок; акцептировать; опротестовать вексель; преследовать в судебном порядке

б) судебное разбирательство; единичная (разовая) сделка; безу­пречная репутация; полная дискредитация; полностью доверять; подлежать (подвергаться) чему-л.; по требованию

4. Explain the meaning of the following in English:

acceptor; creditor; debtor; a bill of exchange; a letter of credit; a banker's transfer; to accept

5. Answer the following questions:

1) What types of payments in foreign trade do you know?

2) In what way may they be made?

  1. When are payments in advance used?

  2. What is the method of payment in such cases?

5) Whom are open acount terms granted to?

6) In what way is payment in these cases made?

7) What is the banker's transfer?

8) What is necessary for a customer to do while paying by banker's transfer?

9)What is the bill of exchange?

  1. When does the B/E become legally binding?

  2. What is the letter of credit?

  3. How does it work?

  4. Why are both the buyer and the seller secure?

Vocabulary and Speech Exercises

6. Fill in the required prepositions:

1) Payment goods __the home trade is made either __ advance or __ a reasonably short period __ delivery.

  1. There is little time lost correspondence and __delivery.

  2. A bill exchange is an order __ written form addressed __ one person __ another, to pay __ demand or a named date a certain sum __money __ a person named the bill, or his order.

  3. The banker's transfer is carried __ __ current rates __ exchange.

5)This transaction is simple and may be speeded __ __cabled instructions if desired.

6) The L/C is ideal individual transactions or __ series, it gives protection __ both the seller and the buyer.

7. Read and translate the text. Pay attention to the words in bold type:

One of the important features of the bill of exchange is that it is negotiable. It means that it can be used by the holder to pay his own debts. To do this, the holder of the B/E must endorse it, i.e. sign his name on the bill before handing it in to the next holder.

The owner of the bill can also sell it to the bank, who will pay face value, less interest: this is called to discount a bill. The other way to use a bill is to leave it as security for a loan.

It is due to its free negotiability that the B/E is known to be a useful means of payment in foreign trade. Undoubtedly, its successful operating depends on confidence and trust. Before handling bills each individual company's status and reputation are thoroughly checked and taken into account.

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